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Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/AUD: sell target - 2.0200

By: Dmitriy Chernovolov

  • GBP/AUD falling inside impulse waves 3 and (C)
  • Next sell target - 2.0200

GBP/AUD has been falling in the last few trading sessions inside the 3rd minor impulse wave 3 – which started earlier this month – when the pair reversed down from the resistance area lying between the resistance level 2.1000, upper daily Bollinger Band, 38.2% Fibonacci correction of the previous downward impulse from last August and the upper resistance trendline of the daily down channel from last year.

GBP/AUD is likely to fall further in the active impulse waves 3 and (C) (which belong to the primary ABC correction ② from last August) toward the next sell target at the support level 2.0200 (low of the previous impulse 1).

GBP
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